KNOT Offshore Partners (NYSE:KNOP) Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded KNOT Offshore Partners from “strong sell” to “hold.” Overall, analysts have a “Moderate Buy” consensus rating and an average price target of $14.00.
• KNOP shares opened at $10.43, near their 50-day and 200-day moving averages, with a 52-week range of $6.90 to $11.78. The company’s latest quarterly earnings missed expectations, reporting $0.08 per share versus the $0.17 consensus estimate.
• Director Trygve Seglem purchased 1.25 million shares for $25 million, increasing his ownership by 600%. Institutional investors and hedge funds own approximately 26.82% of the company.

KNOT Offshore Partners (NYSE:KNOP - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Tuesday,Zacks.com reports.

KNOP has been the subject of several other reports. Weiss Ratings restated a "hold (c)" rating on shares of KNOT Offshore Partners in a research report on Wednesday, July 29th. Fearnley Fonds upgraded shares of KNOT Offshore Partners from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, KNOT Offshore Partners has a consensus rating of "Moderate Buy" and an average target price of $14.00.

KNOT Offshore Partners Price Performance

Shares of NYSE KNOP opened at $10.43 on Tuesday. The stock has a market capitalization of $350.91 million, a PE ratio of 19.31 and a beta of -0.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.25 and a quick ratio of 0.24. The business has a fifty day moving average price of $10.49 and a two-hundred day moving average price of $10.50. KNOT Offshore Partners has a fifty-two week low of $6.90 and a fifty-two week high of $11.78.

KNOT Offshore Partners (NYSE:KNOP - Get Free Report) last released its earnings results on Thursday, May 28th. The shipping company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.09). KNOT Offshore Partners had a net margin of 4.92% and a return on equity of 6.36%. The company had revenue of $92.01 million for the quarter, compared to the consensus estimate of $90.35 million. As a group, equities analysts predict that KNOT Offshore Partners will post 0.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Trygve Seglem bought 1,250,000 shares of the company's stock in a transaction dated Monday, June 15th. The stock was purchased at an average price of $20.00 per share, with a total value of $25,000,000.00. Following the completion of the acquisition, the director owned 1,458,333 shares of the company's stock, valued at $29,166,660. The trade was a 600.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On KNOT Offshore Partners

A number of institutional investors have recently added to or reduced their stakes in KNOP. Royal Bank of Canada acquired a new stake in shares of KNOT Offshore Partners during the first quarter valued at about $25,000. Russell Investments Group Ltd. increased its stake in shares of KNOT Offshore Partners by 115.0% in the second quarter. Russell Investments Group Ltd. now owns 9,042 shares of the shipping company's stock valued at $58,000 after buying an additional 4,836 shares during the period. Occudo Quantitative Strategies LP acquired a new position in shares of KNOT Offshore Partners in the second quarter valued at approximately $68,000. Osaic Holdings Inc. raised its holdings in KNOT Offshore Partners by 220.3% in the 2nd quarter. Osaic Holdings Inc. now owns 16,557 shares of the shipping company's stock valued at $104,000 after buying an additional 11,388 shares during the last quarter. Finally, Cetera Investment Advisers bought a new position in KNOT Offshore Partners in the 4th quarter valued at approximately $125,000. 26.82% of the stock is currently owned by institutional investors and hedge funds.

About KNOT Offshore Partners

KNOT Offshore Partners LP is a publicly traded limited partnership formed in 2013 to own and operate shuttle tankers under long‐term charters in the offshore oil industry. Listed on the New York Stock Exchange under the symbol KNOP, the partnership specializes in the transportation of crude oil from offshore production facilities to onshore refineries. Its fleet comprises moderne shuttle tankers equipped with dynamic positioning systems, enabling safe transfer operations in harsh weather and sea conditions.

The partnership's vessels primarily serve fields in the North Sea, Brazil and West Africa, where they operate under multi‐year contracts with major energy producers.

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